Gold, silver weaken on subdued demand

Gold prices went down by Rs 60 per 10 gram at the bullion market here Thursday following subdued demand from stockists and retailers even as the metal traded strong overseas.

Elsewhere, silver prices declined by Rs 195 to end at Rs 37,340 per kg owing to reduced offtake from industrial units.

Standard gold (99.5 per cent purity) fell by Rs 60 to end at Rs 30,620 per 10 gram from Wednesday's closing level of Rs 30,680.

Pure gold (99.9 per cent purity) also moved down by a similar margin to close at Rs 30,770 per 10 gram as against Rs 30,830, previously.

Silver (.999 fineness) dipped by Rs 195 to finish at Rs 37,340 per kg compared to Rs 37,535 earlier.

Globally, gold prices edged higher but remained confined in a narrow range near 1-1/2-year lows after the US Federal Reserve raised interest rates and said it planned four more increases by the end of next year and another in 2020.

Spot gold was up by 0.1 per cent at USD 1,194.75 an ounce in an early trade.

Silver was up by 0.9 per cent at USD 14.42 an ounce.